The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) runs an initiative known as the Audit Quality Inspection Program. The goal of the program is to ensure that audits of employee benefit plans by independent certified public accounting firms meet applicable DOL and professional requirements in order to protect plan participants and plan assets.
Since Legacy audits over 350 plan audits, our Firm was chosen for a second comprehensive audit quality inspection in April 2012. We had an initial inspection in June 2008. The EBSA reviewed our audit policies and procedures, workpapers of selected engagements from our three offices, and interviewed audit partners. They evaluated how Legacy's employee benefit plan practice is managed and monitored from top to bottom across all three offices. The EBSA also reviewed our training and continuing education programs.
On behalf of the partners and professionals of Legacy Professionals LLP, I am proud and pleased to report that Legacy's Audit Quality Inspection received very complimentary feedback from EBSA for the second time, including praise for our strong commitment to the employee benefit plan business and to the training of our people. In summary, the EBSA noted, "Our review left us with a very positive impression of audit quality at Legacy Professionals."
We are very pleased to have our high standards once again acknowledged and reaffirmed and to be able to convey such a positive message to you. We are proud to continue our commitment to excellence in auditing benefit plans. Please let us know if you have any questions.
Robert Tiberi, CPA, Managing Partner